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The differences between underwriting technicians and underwriting specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting specialist has an average salary of $63,325, which is higher than the $44,704 average annual salary of an underwriting technician.
The top three skills for an underwriting technician include cancellations, insurance policies and data entry. The most important skills for an underwriting specialist are customer service, underwriting guidelines, and financial statements.
| Underwriting Technician | Underwriting Specialist | |
| Yearly salary | $44,704 | $63,325 |
| Hourly rate | $21.49 | $30.44 |
| Growth rate | -4% | -4% |
| Number of jobs | 8,615 | 25,164 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 73% |
| Average age | 44 | 44 |
| Years of experience | - | - |
Underwriting technicians may also be known as underwriters or underwriting assistants. They determine which customers qualify for various insurance policies or loans. Their duties include finding information, writing quote letters, checking customer eligibility, and arranging loans. They are expected to carry out background checks and credit history checks for clients seeking insurance. They diligently analyze applications of clients based on certain criteria.
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
Underwriting technicians and underwriting specialists have different pay scales, as shown below.
| Underwriting Technician | Underwriting Specialist | |
| Average salary | $44,704 | $63,325 |
| Salary range | Between $28,000 And $69,000 | Between $39,000 And $101,000 |
| Highest paying City | - | Boston, MA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | AIG |
| Best paying industry | - | Finance |
There are a few differences between an underwriting technician and an underwriting specialist in terms of educational background:
| Underwriting Technician | Underwriting Specialist | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting technicians' and underwriting specialists' demographics:
| Underwriting Technician | Underwriting Specialist | |
| Average age | 44 | 44 |
| Gender ratio | Male, 25.2% Female, 74.8% | Male, 39.0% Female, 61.0% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 73.1% American Indian and Alaska Native, 0.4% | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |